Our Services
We are a California Based Professional Legal Corporation. We are a full service law firm with a diverse expertise in real estate law. Due to the current economic and real estate crisis, our law firm is specifically geared to assist today’s homeowners. As we are all aware, many homeowners are in hardship and in the verge of losing their home due primarily to predatory lending practices.
FAQs
What exactly is a loan modification?
A loan modification is a permanent change in one or more terms of a borrower's home loan, that allows the loan to be reinstated, and results in a payment the homeowner can afford.
How do I know if I will qualify for a loan modification?
The number one criteria your lender is looking at is your ability to make the new modified payments now and in the future. You need to supply the lender with proof of your income, along with a complete and accurate financial statement detailing your income and expenses to show them that if granted the modification, you will be able to afford the new, lower payments.
The drawback to a mortgage short sale is that it does not keep the borrowers in their homes. Short sale foreclosures are usually meant to minimize credit damage when the only other alternative is foreclosure. While a short sale still adversely affects the borrower’s credit, it is a less damaging form of foreclosure loss mitigation. Short sales are easier to clean upon the record and the borrower can usually take out another loan after one to three years.
Do I have to be currently delinquent on my payments to get a loan modification?
Most lenders are now accepting applications from homeowners who are not currently delinquent, but who are able to prove to their bank that due to imminent interest rate increases, they will no longer be able to afford the loan payment under the terms of their loan. It is advisable to contact your lender as soon as possible to start the loan modification process, regardless whether you are delinquent or not.
What is an acceptable Hardship situation?
Each homeowner has a unique set of circumstances that caused them to fall behind on their home loan, but generally the lenders consider divorce/separation, loss of income, death of spouse, co borrower or family member, illness, job relocation, military service to be acceptable reasons to consider a loan modification. A compelling hardship letter included on your application is a very important part of a successful application.
Will a loan modification help me stop foreclosure?
Yes, that is the goal-by working with your lender to find a loan workout solution, your loan is brought current and the foreclosure process is halted.
Can I do loan modification myself or should I pay someone to represent me?
That is entirely up to you and your comfort level with dealing with your lender. Regardless of what you decide, the first thing you should do is learn all you can about the process, your legal rights, and what it takes to get your application approved. However, let me suggest that we here at Save Properties are well equipped to assist you in this regard. Our team has extensive experience in loan modification and are ready to assist you in solving any problem you might have with any procedural or legal matter relating to loan modification.
So how do I get started to modify my loan?
Before contacting your bank’s mitigation department, do your homework – learn as much as you can about the loan modification process so you can make informed choices. Contacting us at Save Properties will surely expedite this learning process and shorten the time it takes to get your loan modification approved. Give us a free courtesy call and learn first hand what we can do to assist you.
Why should I choose Save Properties over other companies that provide similar services?
We understand that today there are other companies out there that claim they provide "legal services," however, it is wise to stay away from a company that is not a law firm yet claiming to provide "legal service." These companies are most likely operating illegally.
In addition, the same brokers and loan officers that put many homeowners into disastrous loan programs (or practicing predatory lending) are the same people today that are claiming they can help you out of your mortgage problems. Don't forget these are the same people who created your problems in the first place.
Not only does our team have several years of experience in the industry working with both the lenders and homeowners, our team is passionate about their job. We are on a mission to help you save your home. We understand your situation, and what is needed to help you.
What can I do to save my home, and how long does the process take?
We will diligently analyze your individual financial situation and find you a realistic solution that meets your objectives. One of our options in the battle with mortgage companies is the Truth in Lending Act ("TILA") and the Real Estate Settlement Procedures Act ("RESPA"). These are guidelines mortgage companies must follow when originating loans. Nearly every residential mortgage loan has TILA and/or RESPA violations that can be used as leverage in negotiations, or litigated. The following circumstances may affect your process' length of time:
- Your mortgage company
- Your type of loan
- Your financial capability
- The seriousness of the delinquency
- Your reason for default (if applicable)
What is foreclosure?
A legal proceeding in which a lender repossesses a property because the homeowner has defaulted on the payments.
How will I know my best option?
Save Properties will guide you through the various options that are available to you. Your options are dependent on your assets, liabilities, income, expenses, mortgage default reason, lender, and loan type. A careful review of all your documents is necessary for us to provide you with the best solution.
How long is the foreclosure process?
The timeframe for the foreclosure process varies from state to state. It is important to know that once the foreclosure process begins, TIME IS YOUR ENEMY! The longer you wait, the more court costs, late charges, and foreclosing attorney fees are incurred.
